Why Did Bitcoin Crash at Around $70k and What’s Next for BTC?

The cryptocurrency world has been abuzz with Bitcoin’s recent surge, which saw the digital asset soar to the $69,000 mark again. However, this exhilarating milestone was short-lived, as the market witnessed a dramatic 15% crash shortly after, leaving many investors bewildered and pondering the underlying reasons behind this volatility.

To shed light on this enigmatic phenomenon, we turn to the insights of Ash Crypto, a seasoned Bitcoin expert and influential voice in the crypto community. In a recent tweet, Ash Crypto offered a compelling explanation for the seemingly inexplicable crash, drawing from years of experience and observation.

According to Ash Crypto, the crash was orchestrated by savvy “whales” – a term used to describe entities or individuals with immense holdings and market influence. These whales, well-versed in the psychology of the market, anticipated the collective bullish sentiment that would arise as Bitcoin breached the $69,000 threshold. By allowing the price to soar, they effectively enticed a wave of new investors to enter the market, eager to ride the upward momentum.

However, the whales had a different agenda in mind. As Ash Crypto explains, “Whales know everyone is bullish and they are gonna send BTC to $100k, but they don’t want people to long and ride with them.” In other words, the whales deliberately engineered a sharp sell-off to trigger a cascade of liquidations, effectively forcing leveraged traders out of their positions and securing substantial profits for themselves.

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This strategic maneuver, which Ash Crypto likens to a “game,” is a recurring pattern that has been observed since as far back as 2016. The expert notes, “Every time BTC breaks important levels, everyone gets bullish and starts longing, and whales always do this quick dump to liquidate all the late longs.”

While this roller-coaster ride may seem daunting to newcomers, Ash Crypto offers a word of wisdom: “Best approach is to avoid all the futures trading and just hold your spot bags and ride them.” In other words, investors are advised to steer clear of leveraged trading and instead focus on accumulating and holding Bitcoin as a long-term investment.

Ash Crypto’s perspective sheds light on the intricate power dynamics at play in the cryptocurrency market, where whales wield significant influence and can shape market movements to their advantage. However, the expert remains resolute in their bullish outlook, asserting that “Bitcoin is going to $100k. It is 100% programmed.”

The recent crash, while unsettling for some, is seen by Ash Crypto as a temporary setback, a mere bump in the road on Bitcoin’s journey to greater heights. The expert cautions against being “toasted” by the allure of leverage, advising investors to “spot and chill” – a mantra that encourages patience and a long-term perspective in navigating the volatility inherent in the cryptocurrency market.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency